FINANCE: The foundation recorded a deficit of £47,000 for the first quarter of 2011-12, against a plan to have made a surplus of £497,000 by that point, board papers state.
WWL remained in deficit for the year-to-date despite making a £1.9m surplus in June, £1.3m above the surplus it planned to make in that month, according to its latest finance report.
It adds: “Activity is ahead of plan in month 03 by 3 per cent but remains behind the cumulative planned position.
“Cumulative at month 03 actual income is £58.0m versus a plan of £56.8m, a favourable variance of £1.2m.
“Divisional expenditure levels remain high; the cumulative variance versus plan is £1.9m adverse.”
27 July 2011